A British company, which has developed technology that can harness the power of the tides and convert them into electricity, has received backing from a major Japanese investor.
Sheffield-based Pulse has secured £580,000 investment from Marubeni and now plans to be the first company to attach a tidal stream energy device on to the UK’s national grid.
The Pulse Tidal uses hydrofoils or wings that flap up and down to produce 100kw of electricity, enough to power 70 homes.
The device, which needs just five metres of water to operate in, has been tested successfully at Hull University and will be managed by energy company Millennium Inorganic Chemicals when it is connected to the grid on the south bank of the river Humber.
Chief executive Philip Johnson says: “Tidal power has everything we need for our future energy requirements: it is safe, clean, renewable and entirely predictable.
“Pulse is typical of the companies involved in LIFE, with a commitment to bring renewable energy products to a rapidly-expanding market which, for tidal power, could be as worth as much as £10 billion in the UK alone.”
As well as this latest backing the company has received £1.1m of grants including a major grant under the government’s Technology Programme as well as money funds from the EU’s European Regional Development Fund.
Previous investors in Pulse have included the Viking Fund and members of the Viking Club and the LIFE business accelerator.
© Crimson Business Ltd. 2008
